Legal Question in Business Law in New York

I work for my parents who own a small corporation. A few years ago, we intended to list me as an officer of the corporation. However, soon after we spoke to our attorney about it, he passed away. Since then, my parents have moved, and I have moved as well. Amazingly, none of us know where the corporate records are or if I ever was listed as an officer / shareholder. My wife and I are currently looking to file a personal bankruptcy since the birth of our disabled son two years ago has forced her out of work. However, I cannot put my parents corporation at risk and I simply have no idea how to proceed. It may seem like a ridiculous problem, but I don't know if I legally own the company or not, and therefore don't know if I can proceed with bankruptcy or not. Any help would be greatly appreciated.


Asked on 6/09/10, 12:16 pm

2 Answers from Attorneys
Kevin B. Murphy Franchise Foundations, APC

Any attorney will tell you, the state when the entity was incorporated should have a current list of officers, which you can obtain by paying a small processing fee. They may or may not have records of shareholders, depending on how the shares were issued. Consult with an attorney in your area for specific advice.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 6/09/10, 4:00 pm
Michael Markowitz Michael A. Markowitz, PC

Kevin is 100% WRONG. New York does not require a corporation to list its officers, shareholders, etc.

Instead, I would look at the corporate tax return. The tax return must identify each shareholder and percentage of ownership. If you are not listed on the corporate tax return, you have nothing to worry about.

Mike.

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Answered on 6/10/10, 5:27 am


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